9911796707
TMI Blog2022 (2) TMI 673X X X X Extracts X X X X X X X X Extracts X X X X ..... Financial Creditor herein in accordance with the loan agreement dated 13.06.2016 which would have the commercial effect of borrowing on the part of the Corporate Debtor. Thereby, on verification of the documents annexed it is clear that the amount disbursed is a debt on the part of the Corporate Debtor. Thus, it is evident that there exists a 'debt' between the parties and the said debt qualifies to be a 'financial debt' as defined under 5(8)(c) of IBC, 2016 and also the Corporate Debtor has defaulted in repayment of the said 'financial debt' which is due and payable to the Financial Creditor - in view of absence of any objections by the Corporate Debtor this Tribunal is left with no other option than to proceed w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Debtor is a Private Limited Company with Corporate Identification Number U28112TN2011PTC080250 and with registered office at No. 50, Habibullah Road, T. Nagar, Chennai-600 017. As per Part III of the application, the Financial Creditor has proposed the name of one Mr. China Masthan Talakayala, Registration Number: IBBI/IPA-001/IP-P02154/2020/13280 as the Interim Resolution Professional. 3. Part IV of the application signifies the amount of debt to the tune of ₹ 1,08,10,877/- since the date of default 28.09.2018. Part V of the application describes the particulars of Financial Debt, documents, records and evidence of default as described below: a) Loan Agreement dated, 29.06.2011 b) Shareholders Agreement dated, 13 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat post the demise of the Managing Director of the Corporate Debtor the company was taken over by Mr. H. Nagarajan, who is the brother of the deceased. Subsequent to which, several attempts were made for the retrieval of the loan amount which went in vain. Thus out of no other option the applicant has preferred the present application. 7. In relation to the Corporate Debtor, it is seen that there is no vakalath, however, on perusal of the process file it is found that when the matter came up before this bench on 07.01.2022 representation for the respondent has been marked, and that till date no Vakalath and Counter nor a memo has been filed by the Corporate Debtor to represent their side. In such circumstances, the matter was heard in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of any objections by the Corporate Debtor this Tribunal is left with no other option than to proceed with the present case and initiate the Corporate Insolvency Resolution Process in relation to the Corporate Debtor. 10. Thus taking into consideration the facts and circumstances of the case as well as the position of Law, we are of the view that this Application as filed by the Applicant - Financial Creditor is required to be Admitted under Section 7(5) of the IBC, 2016 11. The Financial Creditor has proposed the name of one Mr. China Masthan Talakayala, Registration Number: IBBI/IPA-001/IP-P02154/2020/13280 as the Interim Resolution Professional. However, on verification no valid AFA is found. Thus this Tribunal hereby appoints MR. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 2002; d. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the respondent. Explanation.-For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a licence, permit, registration, quota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Insolvency Resolution Process: Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the Resolution Plan under sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or Liquidation Order, as the case may be. 15. Based on the above terms, the Petition stands Admitted in terms of Section 7 of the Code and the Moratorium shall come into effect as of this date. A copy of the order shall be communicated to the Petitioner as well as to the above named Respondent by the Registry. In addition, a copy of the order shall also be forwarded to IBBI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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